March 5, 2024

Online Gambling During the Global Financial Crisis – A Positive View

Online Gambling During the Global Financial Crisis - A Positive View

The onset of the global financial crisis of 2008/2009 has produced a significant research and policy response. The IMF has responded by developing policy papers on regulatory options for online gambling. The response is long overdue and demonstrates the political will to implement change, and for some, a lack of political will in the past. These policy responses also respond to growing concerns among countries that have passed their gambling laws regarding minors and ‘underage’ gambling.

Online gambling is one of the most controversial issues to emerge from the financial crisis. It has come to the fore as a significant regulatory problem. Since the beginning of the current decade,¬†pengeluaran singapore governments have recognised the dangers of online gambling, for instance the children involved in ‘underage’ gambling, as well as potential harms associated with the addictive nature of this type of gambling.

The sheer scale of this type of online gambling has not only been recognised by governments, but it has also received widespread media attention. In fact, the International Centre for Missing & Exploited Children reported that in 2005 there were 100 million registered users of online gambling websites and services. They warned that most of these children are between 10 and 17 years old, and that most were engaged in playing poker and online roulette, or playing ‘card’ games.

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Since the financial crisis, and particularly in the light of Australia’s experience, governments around the world have acted to regulate online gambling, mostly by implementing national laws. This has included a range of options. In Australia, the introduction of a national gambling control system in April 2008 resulted in the setting up of the Gambling Commission, and the Commission has the powers to oversee and manage gambling, including setting the boundaries of permissible gambling services. The Commission also has the authority to close down gambling services and monitor activities that involve ‘illegal’ gambling.

As well as the growth in the industry, the experience in the Australian market shows that regulators must also focus on ensuring that this form of gambling is regulated appropriately. In addition, pengeluaran Singapore

 regulators must balance the rights of consumers and protect children from the potential harms of online gambling.

Online gambling is not the only industry where we have seen a surge in activity. For example, in many areas, the adoption of electronic trading has resulted in significant changes to how markets operate. The explosive growth in the global financial markets, the development of the internet and technology, and the exponential growth in the availability of technology have created opportunities for people around the world to play games and to trade in many new ways.